Deals of the Day: Dynegy Doubles, CEZ Is Serious

Deals of the Day is your one-stop-shop for the morning’s biggest news from the finance beat, including M&A, IPOs, banks, hedge funds and private equity. Here’s what’s happening today:

Mergers & Acquisitions

Dynegydoubles. Dynegy has agreed to pay $6.25 billion to buy 12,500 megawatts of coal and gas generation assets from Duke Energy and Energy Capital Partners, a deal that will nearly double its portfolio. [WSJ]

CEZ is serious. Czech-based electricity company CEZ AS is serious about bidding for its Slovak peer Slovenske Elektrarne AS, a senior company official said, setting the stage for what could be one of Europe’s largest energy sector transactions this year. [WSJ]

Russian cooperation. New York-listed North Atlantic Drilling Ltd. said Friday that Russia’s OAO Rosneft would acquire 30% of its shares in exchange for cash and 150 of Rosneft’s onshore drilling rigs, following a cooperation deal struck before the imposition of sanctions against Russia by the U.S., Norway and the European Union. [WSJ]

“Hell or high water.” Family Dollar’s board cited antitrust concerns when it rejected Dollar General’s bid for the company Thursday, but it may be forced to accept the bid if Dollar General offers more anti-trust concessions in a revised merger proposal. [WSJ]

Stretching for alternatives. Tracy Anderson Mind & Body LLC, a fitness and lifestyle brand that counts Gwyneth Paltrow as a co-owner, is considering strategic alternatives including possibly raising capital from an investor. [WSJ]

Dealpolitik. The unusual terms of the Salix Pharmaceuticals Ltd tax inversion deal signed last month with Cosmo Pharmaceuticals SpA now looks like an invitation for a buyout proposal from Allergan Inc. [WSJ]

Picking up Crumbs. An attempt by television personality Marcus Lemonis and Dippin’ Dots owner Fischer Enterprises LLC to reopen Crumbs Bake Shop Inc. stores moved closer to reality after a deadline to trump the pair’s $6.5 million offer for the chain passed with no other bidders emerging. [WSJ]

Heard on the Street. Investors are realizing the potential sale of Treasury Wine Estates isn’t getting better the longer it is exposed to the air. [WSJ]

Buyside

Changing his spots. Modern Markets Initiative, a high-frequency trading trade group set up late last year, announced today it had signed a consulting contract with the law firm DLA Piper. DLA Piper’s point of contact for the trade group is none other than Bart Chilton, a former regulator at the Commodity Futures Trading Commission who used to refer to high-frequency trading firms as “cheetahs.” [WSJ]

Legal & Regulatory

Profile in Pez. Mark J. Mazur, the Obama administration’s point man in the effort to deter U.S. companies from restructuring overseas to avoid taxes, is a career government economist known for his loosened neckties, Pez dispensers and sweeping grasp of the U.S. tax code. [WSJ]

Denied. A federal judge in California on Thursday denied a request by Allergan Inc to expedite its civil suit claiming that Valeant Pharmaceuticals International Inc and Pershing Square Capital Management engaged in insider trading ahead of their bid to buy Allergan. [Reuters]